SiriusXM To Pay SoundExchange $150 Million Settlement
SoundExchange and SiriusXM have settled their years-long litigation surrounding outstanding claims for unpaid and underpaid royalties from January 2007 through December 2017 in exchange for a lump sum payment of $150 million.
The preforming rights organization will distribute the settlement funds to the rights holders and artists whose sound recordings were used during the settlement period.
SoundExchange had accused the satellite radio company of taking impermissible deductions and exemptions in calculating its royalty payments to digital audio performing rights organization. The company also allegedly failed to pay legally required fees due for late payments.
“We are happy to resolve this case with SiriusXM," said SoundExchange President and CEO Michael Huppe. "The settlement allows us to distribute additional royalties to SoundExchange’s artists and rights owners while avoiding additional costly litigation.”